50.1% of the monthly income of the Nigerians spent on food – ratio

A new report on consumers prospects has revealed that the Nigerians now spend more than half of their monthly food income, since the increase in living costs continues to squeeze the budgets of families across the country.

The report, published by the marketing communication company based in Lagos Seid, said that 50.1 percent of the Nigerians’ profits are assigned to food expenses.

He also discovered that 18.5 percent of families adopted solar energy solutions to cope with the increase in electricity costs.

The results were contained in the inaugural ratio of the Nigerian consumer of Seid 2025 (Ncor 2025), which examined more than 7000 Nigerians in the six geo-political areas of the country.

Speaking at the launch of the report, Managing Partner of Seid, Tubosun Akeju, said that the document acts as a “project for decision makers who want to keep up” in one of the largest and most dynamic markets in Africa.

“In Seid, we dedicate ourselves to helping companies to make strategic decisions through contextualized insights.

“The market has experienced different levels of changes in recent years – from generational and cultural changes to technological innovation to changes in government policies,” said Akeju.

According to him, the changes in the economic environment of Nigeria – from inflation and new political measures to global uncertainties – are forcing dramatic changes in consumer habits.

The report also stressed that 31.7 percent of Nigerians are based on autonomous work as their main source of income, reporting a movement towards entrepreneurship between difficult economic conditions.

NCOR 2025 provided an in -depth analysis of the emerging expenditure priorities, the trade loyalty models and consumer tendencies.

He further explored the impact of Fintech’s adoption on retail sales experiences and observed a growing preference for local manufacturing products with respect to imported alternatives.

“For multinationals, development agencies and investors, Ncor 2025 offers a vital resource for the decoding of behavioral changes and the identification of entry points in a market that continues to model trends throughout West Africa,” added Akeju.

He stressed that understanding the realities that face the Nigerian consumer is now more crucial than ever for brands and politicians who aim to draw on the unstoppated opportunities of the country.

The release of the relationship comes between the current concerns on the increase in the cost of living, with food inflation at the top of the list of challenges for millions of Nigerian families.

Do you want to share a story with us? Do you want to advertise with us? Do you need advertising for a product, service or event? Contact us on WhatsApp +2348183319097 email: platformtimes@gmail.com

We commit ourselves to an investigative journalism of great impact for human interest and social justice. Your donation will help us tell other stories. Please give any amount HERE